Shareholders of struggling Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) have approved a plan to increase the ceiling of new stock issuance. The shipbuilder will sell KRW414bn ($353m) worth of new stocks, and may increase the figure to KRW1trn depending on market conditions.
DSME has racked up KRW4.5trn in losses for the first three quarters of the year leading creditors to force the yard to go through a restructuring.